{"id":293037,"date":"2024-03-05T01:07:21","date_gmt":"2024-03-05T06:07:21","guid":{"rendered":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/23-tax-deductions-most-people-dont-know-about"},"modified":"2024-03-05T01:07:44","modified_gmt":"2024-03-05T06:07:44","slug":"23-tax-deductions-most-people-dont-know-about","status":"publish","type":"post","link":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/23-tax-deductions-most-people-dont-know-about","title":{"rendered":"23 Tax Deductions Most Individuals Don\u2019t Know About"},"content":{"rendered":"<p><\/p>\n<div readability=\"260.415258409\">\n<p><span style=\"font-weight: 400;\">Tax deductions allow you to subtract expenses from your income. By writing off eligible expenses on your tax return, you can legally reduce your taxable income and pay less income tax overall.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The student loan interest deduction was the first deduction I could remember discussing with my parents while planning for college. Since then, I have made it a habit to check for possible deductions at any stage of my life\u2014from medical expenses to launching a business. Here are some tax deductions that most people don&#8217;t know about but might apply to you.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">1. Home Office Telephone Expenses<\/span><\/h2>\n<figure id=\"attachment_1230609\" aria-describedby=\"caption-attachment-1230609\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1230609 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Shutterstock 1619486209\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 2\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1230609\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209.jpg\" alt=\"Shutterstock 1619486209\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 2\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_1619486209-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1230609\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Most people know about the<\/span> <span style=\"font-weight: 400;\">home office<\/span><span style=\"font-weight: 400;\"> deduction, which allows eligible individuals to deduct expenses related to a home office used exclusively for business. However, only some know about the deductions from home office telephone expenses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re self-employed, you can also deduct expenses related to business calls from a home office. You can deduct only the percentage of your phone bill used for business calls, not the part used for personal calls.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">2. Adoption Expenses Deduction<\/span><\/h2>\n<figure id=\"attachment_1219534\" aria-describedby=\"caption-attachment-1219534\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1219534 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Shutterstock 2348830949\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 3\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1219534\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949.jpg\" alt=\"Shutterstock 2348830949\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 3\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_2348830949-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1219534\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Internal Revenue Service (IRS) allows taxpayers to deduct specific expenses related to adopting a child. They defined reasonable and necessary<\/span> <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc607\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span style=\"font-weight: 400;\">Qualified Adoption Expenses<\/span><\/a><span style=\"font-weight: 400;\"> (QAE), which include court costs, adoption fees, and attorney fees. To claim the deduction, taxpayers must have adopted a child under 18 or with special needs.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">3. Business Subscription and Publication Deduction<\/span><\/h2>\n<figure id=\"attachment_1230261\" aria-describedby=\"caption-attachment-1230261\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1230261 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Suga magazines\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 4\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1230261\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547.jpg\" alt=\"Suga magazines\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 4\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/shutterstock_2408996547-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1230261\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Business subscription and publication deduction allow business owners to deduct the cost of subscriptions to professional journals, magazines, newspapers, and online publications related to their industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under U.S. tax law, these expenses are considered ordinary and necessary for conducting business. Entrepreneurs could qualify for the deduction if their subscriptions directly relate to business operations or professional development.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">4. Tax Deductions for Jury Duty Pay<\/span><\/h2>\n<figure id=\"attachment_1250764\" aria-describedby=\"caption-attachment-1250764\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1250764 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Shutterstock 121503370\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 5\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1250764\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370.jpg\" alt=\"Shutterstock 121503370\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 5\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_121503370-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1250764\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><a href=\"https:\/\/www.dol.gov\/general\/topic\/benefits-leave\/juryduty\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">In some states<\/span><\/a><span style=\"font-weight: 400;\">, employers are required by law to continue paying employees who missed work due to jury service. However, the employers would then require these employees to turn over any payments they received from the court.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you&#8217;re the employee in this scenario and want to claim this deduction, you must first claim the jury pay as income, then take a deduction for the pay you gave your employer. Use the IRS <\/span><a href=\"https:\/\/itap1.for.irs.gov\/owda\/0\/investigate\/JuryDuty_ITA\/en-US\/ScreenOrder~Main~qs%2449d3ffde-36d0-43aa-9358-9124cc2ae13b%24global%24global\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Interactive Tax Assistant<\/span><\/a><span style=\"font-weight: 400;\"> (ITA) to check if your jury duty payment is taxable.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">5. Depreciation<\/span><\/h2>\n<figure id=\"attachment_1250768\" aria-describedby=\"caption-attachment-1250768\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1250768 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Shutterstock 114871843\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 6\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1250768\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843.jpg\" alt=\"Shutterstock 114871843\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 6\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/Shutterstock_114871843-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1250768\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Depreciation lets businesses stretch out tax deductions on big purchases over the full life of the item. Instead of deducting the full cost of something simultaneously, you deduct part each year. That is for big-ticket items a business buys to use for a long time, such as machinery or pick-up trucks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To determine depreciation, you divide the item&#8217;s total cost by the \u201cuseful lifetime of the asset\u201d or by how many years it will be used.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So if a machine costs $10,000 and will be used for 5 years for your business, the depreciation deduction each year is $10,000\/5 years = $2,000. In this example, instead of deducting the full $10,000 on your business taxes in the first year, you can deduct $2,000 yearly for 5 years. That $2,000 per year is the depreciation.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">6. Rental Property Expenses Deduction<\/span><\/h2>\n<figure id=\"attachment_1243524\" aria-describedby=\"caption-attachment-1243524\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1243524 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"property\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 7\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax.png\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax.png 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-300x169.png 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-1024x576.png 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-768x432.png 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-50x28.png 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-150x84.png 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1243524\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax.png\" alt=\"property\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 7\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax.png 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-300x169.png 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-1024x576.png 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-768x432.png 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-50x28.png 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/property-tax-150x84.png 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1243524\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Residential or commercial rental property owners can deduct expenses associated with operating the rental to reduce taxable income. Eligible deductions include mortgage interest, property taxes, repairs, maintenance, property management fees, utilities, and depreciation on the rental property. Maintain proper documentation in case you need to include proof of expenses.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">7. Gambling Loss Deduction<\/span><\/h2>\n<figure id=\"attachment_1244213\" aria-describedby=\"caption-attachment-1244213\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1244213 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"gambling\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 8\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1244213\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling.jpg\" alt=\"gambling\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 8\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/gambling-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1244213\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Gambling losses are a tax deduction if you itemize them and keep records of<\/span> <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc419\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span style=\"font-weight: 400;\">winnings and losses<\/span><\/a><span style=\"font-weight: 400;\">. This kind of deduction is limited to the amount of gambling income reported, so any gambling winnings must also be reported on your tax return. You must be able to show losses with documentation such as receipts, tickets, or statements.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">8. Unreimbursed Medical Expense Deduction<\/span><\/h2>\n<figure id=\"attachment_1016121\" aria-describedby=\"caption-attachment-1016121\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1016121 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"A sick woman at hospital\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 9\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Sick-e1697238174601.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1016121\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Sick-e1697238174601.jpg\" alt=\"A sick woman at hospital\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 9\"\/><\/noscript><figcaption id=\"caption-attachment-1016121\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">To help offset high medical costs, taxpayers can deduct medical expenses that make up more than 7.5% of their adjusted gross income. Things like doctor visits, prescriptions, hospital bills, and others on the<\/span> <a href=\"https:\/\/apps.irs.gov\/app\/vita\/content\/globalmedia\/teacher\/itemized_deductions_detail_worksheet_4012.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">IRS Schedule A Deductible Medical Expenses<\/span><\/a><span style=\"font-weight: 400;\"> qualify. Ensure you keep proper documentation like receipts and insurance statements since you&#8217;d need to itemize expenses to claim this deduction.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">9. IRA Contributions Deduction<\/span><\/h2>\n<figure id=\"attachment_1251378\" aria-describedby=\"caption-attachment-1251378\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1251378 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Shutterstock 1174972849\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 10\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1251378\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849.jpg\" alt=\"Shutterstock 1174972849\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 10\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_1174972849-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1251378\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Taxpayers can deduct contributions to traditional Individual Retirement Accounts (IRAs) from their taxable income. As long as their deductions stay under a certain limit set by the IRS each year. Contributions must be made before the tax filing deadline and within specified income limits. The deduction reduces taxable income, potentially lowering the taxpayer&#8217;s tax liability.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">10. Worthless Investment Securities Deduction<\/span><\/h2>\n<figure id=\"attachment_1209097\" aria-describedby=\"caption-attachment-1209097\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1209097 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Using Credit for Risky Investments\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 11\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1209097\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291.jpg\" alt=\"Using Credit for Risky Investments\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 11\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_571555291-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1209097\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Taxpayers can claim a deduction for securities\u2014like stocks, bonds, and mutual funds\u2014that have<\/span> <a href=\"https:\/\/yhbcpa.com\/tax-consulting\/claiming-losses-on-depreciated-or-worthless-stock\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">become worthless<\/span><\/a><span style=\"font-weight: 400;\"> during the tax year. This type of deduction is subject to certain limitations and rules the IRS sets. For example, the securities must be completely worthless to qualify, with no potential to recover any value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Taxpayers can deduct the loss as a capital loss on their tax return, which can offset capital gains and reduce taxable income.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">11. Job Search Deduction<\/span><\/h2>\n<figure id=\"attachment_1011435\" aria-describedby=\"caption-attachment-1011435\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><picture decoding=\"async\" class=\"size-full wp-image-1011435\" title=\"23 Tax Deductions Most People Don't Know About 12\"><source type=\"image\/webp\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806.jpg.webp 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-300x169.jpg.webp 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-1024x576.jpg.webp 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-768x432.jpg.webp 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-50x28.jpg.webp 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-180x100.jpg.webp 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-150x84.jpg.webp 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Woman being interviewed for a job\" width=\"1280\" height=\"720\" class=\"perfmatters-lazy\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-180x100.jpg 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806.jpg\" alt=\"Woman being interviewed for a job\" width=\"1280\" height=\"720\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-180x100.jpg 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/05\/Shutterstock_2014845806-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript>\n<\/picture><figcaption id=\"caption-attachment-1011435\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">With certain stipulations, you can deduct job search expenses in some states, like California. For example, you cannot be a first-time job seeker, the job must be in the same field as your last employment, and you must itemize your deductions.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">12. Mortgage Points Deduction<\/span><\/h2>\n<figure id=\"attachment_1221475\" aria-describedby=\"caption-attachment-1221475\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1221475 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Shutterstock 1139634815\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 13\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1221475\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815.jpg\" alt=\"Shutterstock 1139634815\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 13\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Shutterstock_1139634815-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1221475\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Points paid on a new mortgage<\/span> <a href=\"https:\/\/www.cpapracticeadvisor.com\/2023\/08\/11\/tax-pointers-on-mortgage-points\/93229\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">are fully deductible<\/span><\/a><span style=\"font-weight: 400;\"> if you meet certain tax law requirements. This type of deduction allows homeowners to deduct the points paid to secure a mortgage when buying or refinancing a home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Points are prepaid interest paid at closing to lower the interest rate on the loan. The taxpayer&#8217;s primary residence must secure the loan to qualify for the deduction. The points must also be within the range of typical charges in the area.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">13. Tax Preparation Fee Deduction for Self-Employed<\/span><\/h2>\n<figure id=\"attachment_1223144\" aria-describedby=\"caption-attachment-1223144\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1223144 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 14\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1223144\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees.jpg\" alt=\"Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 14\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Focused-millennial-Black-business-woman-calculating-finance-money-using-calculator-laptop-computer-at-home-workplace-table-counting-budget-paying-bills-taxes-rent-mortgage-fees-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1223144\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In the past, all taxpayers could deduct tax preparation fees. However, this changed after Congress passed the Tax Cuts and Jobs Act.<\/span> <a href=\"https:\/\/www.carsonthorncpa.com\/news\/can-i-deduct-my-tax-preparation-fees\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Under this new law<\/span><\/a><span style=\"font-weight: 400;\">, only business owners and self-employed individuals are eligible for this deduction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Self-employed and business owners can deduct expenses incurred for professional tax preparation services, software, and other costs associated with tax preparation.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">14. Work Clothes and Uniforms Deduction<\/span><\/h2>\n<figure id=\"attachment_1163337\" aria-describedby=\"caption-attachment-1163337\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><picture decoding=\"async\" class=\"size-full wp-image-1163337\" title=\"23 Tax Deductions Most People Don't Know About 15\"><source type=\"image\/webp\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416.jpg.webp 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-300x169.jpg.webp 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-1024x576.jpg.webp 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-768x432.jpg.webp 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-50x28.jpg.webp 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-180x100.jpg.webp 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-150x84.jpg.webp 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"shutterstock 1780272416\" width=\"1280\" height=\"720\" class=\"perfmatters-lazy\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-180x100.jpg 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416.jpg\" alt=\"shutterstock 1780272416\" width=\"1280\" height=\"720\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-180x100.jpg 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/shutterstock_1780272416-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript>\n<\/picture><figcaption id=\"caption-attachment-1163337\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Self-employed individuals and businesses can deduct the cost of work-related clothing and uniforms. The clothes or uniforms must be required for their job and not suitable for everyday wear to qualify for this deduction. Regular clothing, even if used for work, is not deductible.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">15. State Sales Tax Deduction<\/span><\/h2>\n<figure id=\"attachment_1205147\" aria-describedby=\"caption-attachment-1205147\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1205147 size-full perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Woman filing taxes and computing tax deductions.\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 16\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1205147 size-full\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing.jpg\" alt=\"Woman filing taxes and computing tax deductions.\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 16\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/Pen-Calculator-document-Signing-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1205147\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Taxpayers can use the sales tax deduction to reduce their state and local sales taxes paid during the year instead of deducting state and local income taxes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This deduction is particularly beneficial for taxpayers in states with no income tax or taxpayers who made large purchases during the tax year. Taxpayers can choose to deduct their actual sales tax paid or use the<\/span> <a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/use-the-sales-tax-deduction-calculator\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span style=\"font-weight: 400;\">optional sales tax calculator<\/span><\/a><span style=\"font-weight: 400;\"> provided by the IRS.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">16. Tax Deduction for Conservation Easement Contributions<\/span><\/h2>\n<figure id=\"attachment_1238337\" aria-describedby=\"caption-attachment-1238337\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1238337 size-full perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"haverford college 1\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 17\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1238337 size-full\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1.jpg\" alt=\"haverford college 1\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 17\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/haverford-college-1-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1238337\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Taxpayers who donate a qualified conservation easement<\/span> <a href=\"https:\/\/www.irs.gov\/charities-non-profits\/conservation-easements\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span style=\"font-weight: 400;\">can claim a charitable deduction<\/span><\/a><span style=\"font-weight: 400;\"> on their tax return. A conservation easement is a legal agreement between a landowner and an organization, such as a land trust or government agency. This agreement puts permanent restrictions on the land, protecting the conservation value and preserving the land&#8217;s natural state. The deduction is based on the easement&#8217;s appraised value, but strict requirements must be met.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">17. Hobby Loss Deduction<\/span><\/h2>\n<figure id=\"attachment_1238098\" aria-describedby=\"caption-attachment-1238098\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1238098 size-full perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"artist\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 18\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1238098 size-full\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist.jpg\" alt=\"artist\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 18\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/02\/artist-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1238098\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Hobby loss deduction is<\/span><a href=\"https:\/\/www.comerica.com\/insights\/personal-finance\/Hobby-Losses.html\" target=\"_blank\" rel=\"noopener noreferrer\"> <span style=\"font-weight: 400;\">a tax rule<\/span><\/a><span style=\"font-weight: 400;\"> allowing people who run business activities to claim losses on their taxes. However, they can&#8217;t claim these losses if the activity is just a hobby.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Taxpayers can claim deductions exceeding income if an activity qualifies as a business. However, the IRS scrutinizes such claims to ensure activities are bona fide businesses and the hobbies are conducted to generate a profit (even if they fail to do so). Proof of real effort to make money is required to claim business deductions beyond income.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">18. Business Meals and Entertainment Deduction<\/span><\/h2>\n<figure id=\"attachment_1251734\" aria-describedby=\"caption-attachment-1251734\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1251734 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Shutterstock 556505005\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 19\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1251734\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005.jpg\" alt=\"Shutterstock 556505005\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 19\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_556505005-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1251734\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The business meals and entertainment deduction allows businesses to deduct expenses related to meals and entertainment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The expenses must be directly related to business conduct or are associated with a substantial and bona fide business discussion to claim this deduction. The deduction typically covers 50% of the cost of meals and entertainment incurred for business purposes,<\/span> <a href=\"https:\/\/www.irs.gov\/faqs\/small-business-self-employed-other-business\/income-expenses\/income-expenses-2\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span style=\"font-weight: 400;\">subject to certain requirements set<\/span><\/a><span style=\"font-weight: 400;\"> by the IRS.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">19. Educator Expense Deduction<\/span><\/h2>\n<figure id=\"attachment_1162353\" aria-describedby=\"caption-attachment-1162353\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><picture decoding=\"async\" class=\"size-full wp-image-1162353\" title=\"23 Tax Deductions Most People Don't Know About 20\"><source type=\"image\/webp\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160.jpeg.webp 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-300x169.jpeg.webp 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-1024x576.jpeg.webp 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-768x432.jpeg.webp 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-50x28.jpeg.webp 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-180x100.jpeg.webp 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-150x84.jpeg.webp 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Happy elementary school teacher giving high-five to her student during class in the classroom.\" width=\"1280\" height=\"720\" class=\"perfmatters-lazy\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160.jpeg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160.jpeg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-300x169.jpeg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-1024x576.jpeg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-768x432.jpeg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-50x28.jpeg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-180x100.jpeg 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-150x84.jpeg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160.jpeg\" alt=\"Happy elementary school teacher giving high-five to her student during class in the classroom.\" width=\"1280\" height=\"720\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160.jpeg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-300x169.jpeg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-1024x576.jpeg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-768x432.jpeg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-50x28.jpeg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-180x100.jpeg 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/11\/IMG_3160-150x84.jpeg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript>\n<\/picture><figcaption id=\"caption-attachment-1162353\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">If you\u2019re an eligible educator, you can<\/span> <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc458\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span style=\"font-weight: 400;\">deduct up to $300<\/span><\/a><span style=\"font-weight: 400;\"> of unreimbursed expenses for education materials, classroom supplies, and professional development courses. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If two eligible educators are married and filing jointly, they can deduct up to $600. However, each educator can only claim $300 or less. Eligible educators include teachers, instructors, counselors, principals, or aides who work in elementary or secondary schools for at least 900 hours during the school year.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">20. Charitable Mileage Deduction<\/span><\/h2>\n<figure id=\"attachment_1130495\" aria-describedby=\"caption-attachment-1130495\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><picture decoding=\"async\" class=\"size-full wp-image-1130495\" title=\"23 Tax Deductions Most People Don't Know About 21\"><source type=\"image\/webp\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock.jpg.webp 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-300x169.jpg.webp 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-1024x576.jpg.webp 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-768x432.jpg.webp 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-50x28.jpg.webp 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-180x100.jpg.webp 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-150x84.jpg.webp 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Volunteering, charity work, man, woman\" width=\"1280\" height=\"720\" class=\"perfmatters-lazy\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-180x100.jpg 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock.jpg\" alt=\"Volunteering, charity work, man, woman\" width=\"1280\" height=\"720\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-180x100.jpg 180w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2023\/10\/Volunteering-Krakenimages.com-Shutterstock-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript>\n<\/picture><figcaption id=\"caption-attachment-1130495\" class=\"wp-caption-text\">Image Credit: Shutterstock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">According to the IRS, any mileage incurred with your vehicle performing services for charitable organizations is eligible for a<\/span> <a href=\"https:\/\/www.irs.gov\/tax-professionals\/standard-mileage-rates\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span style=\"font-weight: 400;\">charity mileage deduction<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The standard IRS mileage rate for charitable driving\u2014set by statute and unchanged since 1998\u2014is $0.14 per mile. This deduction is valid as long as you have yet to be reimbursed by the charity.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">21. Charitable Car Donation Deduction<\/span><\/h2>\n<figure id=\"attachment_1198872\" aria-describedby=\"caption-attachment-1198872\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1198872 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"1992 Ford Taurus SHO\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 22\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/IMG_5252-e1704345043283.jpeg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1198872\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/IMG_5252-e1704345043283.jpeg\" alt=\"1992 Ford Taurus SHO\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 22\"\/><\/noscript><figcaption id=\"caption-attachment-1198872\" class=\"wp-caption-text\">Image Credit: IFCAR \u2013 Own work, Public Domain\/Wiki Commons.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Taxpayers can subtract the fair market value of <\/span><a href=\"https:\/\/radicalfire.com\/end-of-year-donations\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">donated vehicles<\/span><\/a><span style=\"font-weight: 400;\"> from their taxable income. The vehicle must be donated to qualified charitable organizations to claim this deduction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Taxpayers must also itemize their deductions and provide donation documentation, such as a receipt from the charity. The deduction amount depends on the vehicle&#8217;s condition and the charity&#8217;s use of the donation.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">22. Legal and Other Professional Fee Deduction<\/span><\/h2>\n<figure id=\"attachment_1221239\" aria-describedby=\"caption-attachment-1221239\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1221239 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Concerned businesspeople argue with colleague or client dissatisfied with contract terms, mad worried businessman have dispute with business partner unhappy with agreement, claiming money back\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 23\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1221239\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing.jpg\" alt=\"Concerned businesspeople argue with colleague or client dissatisfied with contract terms, mad worried businessman have dispute with business partner unhappy with agreement, claiming money back\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 23\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/01\/lawyers-arguing-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1221239\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The IRS allows businesses to deduct fees paid for legal, accounting, and other professional services. The business owners must prove that the fees are used for \u201cordinary and necessary\u201d expenses. <\/span><span style=\"font-weight: 400;\">To claim the deduction, taxpayers must itemize their deductions and provide documentation of the fees paid to eligible professionals.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">23. Business Startup Expenses Deduction<\/span><\/h2>\n<figure id=\"attachment_1251744\" aria-describedby=\"caption-attachment-1251744\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1251744 perfmatters-lazy\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20width='1280'%20height='720'%20viewBox='0%200%201280%20720'%3E%3C\/svg%3E\" alt=\"Shutterstock 2237569391\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 24\" data-src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391.jpg\" data-srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-150x84.jpg 150w\" data-sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1251744\" src=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391.jpg\" alt=\"Shutterstock 2237569391\" width=\"1280\" height=\"720\" title=\"23 Tax Deductions Most People Don't Know About 24\" srcset=\"https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391.jpg 1280w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-300x169.jpg 300w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-1024x576.jpg 1024w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-768x432.jpg 768w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-50x28.jpg 50w, https:\/\/wealthofgeeks.com\/wp-content\/uploads\/2024\/03\/Shutterstock_2237569391-150x84.jpg 150w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\"\/><\/noscript><figcaption id=\"caption-attachment-1251744\" class=\"wp-caption-text\">Image Credit: Shutterstock.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The IRS permits entrepreneurs to deduct certain costs when starting a new business. For the first year of its operations, businesses can deduct up to<\/span> <a href=\"https:\/\/www.irs.gov\/newsroom\/heres-how-businesses-can-deduct-startup-costs-from-their-federal-taxes\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><span style=\"font-weight: 400;\">$5,000 in startup costs<\/span><\/a>.<\/p>\n<p><span style=\"font-weight: 400;\">A major requirement for this deduction is that the business actively engages in a trade or business. In addition, startup expenses\u2014such as legal fees, market research, advertising, and employee training\u2014 must be incurred before the business begins operating.<\/span><\/p>\n<\/div>\n\n<p><a href=\"https:\/\/wealthofgeeks.com\/tax-deductions\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax deductions allow you to subtract expenses from your income. By writing off eligible expenses on your tax return, you can legally reduce your taxable [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-293037","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/posts\/293037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/comments?post=293037"}],"version-history":[{"count":0,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/posts\/293037\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/media?parent=293037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/categories?post=293037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/tags?post=293037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}